Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most want one method per loan. We'll run both scenarios and show you which produces the higher qualifying income.

Question 2

Do either of these loans require tax returns?

Accepted Answer

No. Both are non-QM loans designed to skip tax returns entirely. That's the whole point for self-employed borrowers.

Question 3

What credit score do I need for these loans in Temecula?

Accepted Answer

Most lenders want 680 or higher for both programs. Some go down to 620 with a larger down payment and strong reserves.

Question 4

How much do I need to put down?

Accepted Answer

Plan for 10-20% down on either loan. Lower down payments are possible but often come with stricter credit requirements.

Question 5

Which loan closes faster?

Accepted Answer

1099 loans often underwrite faster — fewer documents to verify. Bank statement loans take longer due to deposit analysis.

Question 6

Are rates higher on these loans than conventional?

Accepted Answer

Yes, both carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

1099 Loans vs Bank Statement Loans in Temecula